You are buying your first condo for $220,000 and are making a
$20,000 down payment. You have arranged to finance the remaining
amount with a 30-year monthly payment amortized mortgage at a 5.75%
nominal interest rate. What will your monthly payments be?
a. $1,167.15
b. $1,900.88
c. $1,200.93
d. $1,962.70
e. $1,324.02
f. $2,100.04
What is the estimated payoff on the mortgage question above
after you have paid for 10 years? Show how you obtained the
mortgage balance using Excel...